Empirical Research of China's Pension Asset Allocation in Stock Market
Wang Hongliang;Zhou Houqiang;Guangdong University of Foreign Studies;
Based on the basic pension,annuity and individual retirement accounts tax extension policy carried out in succession,China's pension would be in good investment opportunities,the status of pension asset allocation and potential risks to invest in stock market was analyzed,combined with yields of the stock,bank deposit,bond three assets and using Markowitz portfolio model,demonstrated that we should be cautious to invest pension to stock market,and the proportion of equity investment should be strictly controlled below 30%,under this constraint,and then based on the specific risk preferences to determine the appropriate portfolio. At length,according to the empirical results policy suggestions were put forward,hoping to promote the effective development of China's pension.
【CateGory Index】： F832.51;F842.67